CPS lays off 162 employees as it works to close $732 million budget deficit

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Chicago Public Schools on Monday announced that it laid off 162 employees from its central office and citywide positions last week.

The layoffs come as CPS works to close a $732 million budget deficit for the upcoming academic year. The reductions are said to generate about $18 million in savings.

On Tuesday morning, members of the Chicago Teachers Union blamed some of the cuts on a chronic problem with property taxes.

Read more from CBS News.

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